The property’s market value is $14.6 million, down from $16 million in 2009, according to the Hillsborough County Property Appraiser.

Three Tampa Bay retail and entertainment centers — Channelside, Centro Ybor and BayWalk in St. Petersburg — have struggled in recent years, said Larry D. Richey, senior managing director at Cushman & Wakefield of Florida. The key is finding the right mix of tenants and lease rates, Richey said. “At the right price it is probably going to be a very viable project.”

Channelside is roughly 65 percent occupied, and rent payments are falling $700,000 short of annual operating costs. Six leases have been renegotiated, and three or four more are in play. An online directory lists nine spaces available for lease.

Roughly 35,000 people with an average household income of $94,000 live within a mile of Channelside, according to SitesUSA 2010 estimates. Residents of Towers of Channelside condominiums are among those nearby. “Our residents go across the street [to Channelside] quite often,” said Steven McAuliffe, a broker for JMC Realty Inc.

A proposal by Related Group to build 360 apartments next to the Towers of Channelside, St. Pete Times Forum renovations and construction of the University of South Florida Center for Advanced Medical Learning and Simulation are positive signs for the Channel District, McAuliffe said.

Madison Marquette will not be in the market to buy Channelside because of its role as receiver. It owns and operates Hyde Park Village, which has signed nine new tenants over the past year.